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, it made taxpayer-funded bailouts illegal, so taxpayers don't have to foot the bill if a big bank goes under. second, it said to wall street firms, you can't take the same kind of reckless risks that led to the crisis. and third, it put in place the stronger -- the strongest consumer protections in history. now, to make sure that these protections worked - so ordinary people were dealt with fairly, so they could make informed decisions about their finances - we didn't just change the law. we changed the way the government did business. for years, the job of protecting consumers was divided up in a lot of different agencies. so if you had a problem with a mortgage lender, you called one place. if you had a problem with a credit card company, you called somebody else. it meant there were a lot of people who were responsible, but that meant nobody was responsible. and we changed that. we cut the bureaucracy and put one consumer watchdog in charge, with just one job -- looking out for regular people in the financial system. now, this is an idea that i got from elizabeth warren, who i firs
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